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Formosa Prosonic 1Q net profit falls 39% y-o-y to RM1.1m

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Formosa Prosonic 1Q net profit falls 39% y-o-y to RM1.1m Empty Formosa Prosonic 1Q net profit falls 39% y-o-y to RM1.1m

Post by Cals Fri 18 Apr 2014, 21:11

Formosa Prosonic 1Q net profit falls 39% y-o-y to RM1.1m
Business & Markets 2014
Written by Ahmad Naqib Idris Adzman Shah of theedgemalaysia.com   
Friday, 18 April 2014 18:19

KUALA LUMPUR (Apr 18): Formosa Prosonic Industries Bhd’s first quarter (1QFY14) net profit fell 39% year-on-year (y-o-y) to RM1.1 million from RM1.8 million.

Revenue declined by 6% to RM98.4 million during the quarter, from RM105.0 million in the previous year’s same quarter.

The group's profit before tax for the quarter was also lower at RM1.9 million.

“For the period ended March 31, 2014, the group’s profit before tax was lower at RM1.9 million compared to RM2.8 million in the previous corresponding quarter mainly due to lower sales,” said the group in a statement to the exchange.

Going forward, the group expects the remainder of its financial year to be "challenging".

“Barring unforeseen circumstances, the directors expect the business prospects for the financial year ending Dec 31, 2014, to remain challenging given the intensifying competition and uncertain macro economic outlook in the emerging markets,” said Formosa.
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